Christchurch Gondola sold

The company says it has agreed to sell the assets and business of the Christchurch Gondola to Armada Tourism Limited.

The deal is still subject to local body confirmation and is due to take effect from the end of May. The sale price is $1.4 million.

Armada Tourism, which also owns the Christchurch Tramway, is 75% owned by former Shotover Jet (NZSE: SJL) managing director, James Boult.

New Zealand Experience says it will continue to run Rainbow's End Theme Park in Auckland and will retain ownership of some land at the gondola site on the hills above Christchurch, which will be leased to Armada Tourism.

In its half-year result the company said its gondola business had shown a further improvement on last year with an increased visitor yield.

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